Which of the Following Best Explains the Term "Specialization" with Respect

question 171

Multiple Choice

Which of the following best explains the term "specialization" with respect to trade?

• A) Specialization occurs when a people concentrate their productive resources on the goods and services they can produce most efficiently.
• B) Specialization occurs when one person can produce more of a particular good than another person.
• C) Specialization refers to the absolute advantage that a person enjoys in the production of goods and services.
• D) Specialization refers to the ability of a person to produce more of a good than his or her trading partners.

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Definitions:

Movable Type

Gutenberg’s invention that allowed individual letters or images to be moved without influencing the surrounding text.

Innis's Theories

The ideas and theories of Harold Innis, a Canadian economist and scholar known for his contributions to media theory and economic history, especially the concepts of time-biased and space-biased media.

Transcend Space

To go beyond or rise above the physical boundaries of space, often in a metaphysical or abstract context.

Social Isolation

The condition in which an individual experiences a lack of social contacts and meaningful relationships with others, leading to feelings of loneliness and alienation.